FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of November 2016
Commission File Number: 001-12568
BBVA French Bank S.A.
(Translation of registrants name into English)
Reconquista 199, 1006
Buenos Aires, Argentina
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes ¨ No x
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes ¨ No x
Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes ¨ No x
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A
TABLE OF CONTENTS
Item |
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1. |
BBVA Francés reports consolidated third quarter earnings for fiscal year 2016. |
Buenos Aires, November 10, 2016 BBVA Banco Frances S.A. (BBVA Francés) (NYSE: BFR.N; BCBA: FRAN.BA;
LATIBEX: BFR.LA) reports consolidated third quarter earnings for fiscal year 2016.
Highlights
| BBVA Francés reached a cumulative net income of AR$ 3.1 billion as of September 30, 2016, registering a return on equity of 27.6% and a return on assets of 3.4%. Net income for the third quarter was a gain of AR$ 933.9 million, showing a slight decrease, both, compared to the same quarter of 2015 and to the previous quarter. |
| Net financial income increased by 21.9% compared to the second quarter of 2015, mainly due to a greater intermediation with the private sector, whereas it registered a decrease of 15.2% during the quarter as a consequence of lower gains resulting from the public bonds portfolio. |
| In terms of activity, the private sector loan portfolio, net of allowance for loan losses, totaled AR$ 71.1 billion, increasing by 42.4% compared with the third quarter of 2015 and by 8% during the quarter. |
| BBVA Francés continues to maintain outstanding risk indicators in the Argentine financial system. The non-performing loan ratio (non-performing loans/total loans) reached 0.83% as of September 30, 2016, while the coverage ratio (provisions/non-performing loans) reached 251.62%. |
| Total deposits reached AR$ 91.9 billion as of September 30, 2016, increasing by 45.4% in the last twelve months. Total deposits remained at a similar level compared to the previous quarter. It is important to mention that the second quarter of 2016 included temporary deposits from the public sector. Without considering the impact of such balances, during the quarter deposits would have registered an increase of 3.5%. |
| BBVA Francés maintains adequate levels of liquidity and solvency. As of September 30, 2016 liquid assets (cash and due from banks plus Argentine Central Bank (BCRA) bills and notes) represented 43.6% of the Banks total deposits. The capital ratio reached 14.8% of weighted risk assets; with an excess of capital of AR$ 7.3 billon, which is 77.5% higher than the minimum regulatory requirements. Considering the additional buffer (3.5%), the excess of capital would amount to AR$ 3.3 billion. |
| During July, 2016 the Bank paid cash dividends totaling AR$ 900 million, equivalent to AR$ 1.673587 per share, corresponding to the 2015 period. |
| On July 22, 2016 the BCRA through Communication A 6022 determined the creation of special accounts in order to implement the Tax Amnesty Regulation (Law 27.260). |
| On August 8, 2016, the Bank issued series 19 and 20 of its bonds (Obligaciones Negociables), which were fully subscribed and paid for a total amount of AR$ 207.5 million due in 18 months, with a variable interest rate equivalent to the Badlar rate plus 2.40%, and for AR$ 292.5 million due in 36 months, with a variable interest rate of 3.23%, respectively. |
| On September 20, 2016, the Board of Directors approved the issuance of series 21 and 22 of its bonds (Obligaciones Negociables) under the program, for a total amount that cant not exceed AR$ 750 million, due to in 18 and 36 months, respectively, with a variable interest rate equivalent to the Badlar rate plus a spread. |
| On September 26, 2016 the Bank completed the purchase of 51% of Volkswagen Credit Compañia Financiera S.A capital stock, representing 23,970,000 common, registered, non-endorsable shares, entitled to one vote each, of AR$ 1 per value per share, for a total amount of AR$ 53 million. Furthermore, on October 27, 2016 BBVA Francés disbursed AR$ 229.5 million as a capital increase in accordance to the resolution of the Volkswagen Credit Compañia Financiera Ordinary and Special Shareholders meeting. |
Other Events
| On October 21, 2016, the BCRA issued Communication A 6084 related to Line of financing for production and financial inclusion, making some adjustments to the conditions for the quota corresponding to the second half of 2016, and determined the guidelines for the quota for the first half of 2017. For 20717, it is expected that financial institutions will have to maintain from January 1, 2017 until June 30, 2017, minimum balances equivalent to 18% (15.5% during the second half of 2016) of total private deposits in AR$, with a fixed annual interest rate which will decline from 22% to 17%. |
- 2 -
- 3 -
Financial Information
D% quarter ended 09-30-16 | ||||||||||||||||||||
Condensed Income Statement (1) | Quarter ended | vs quarter ended | ||||||||||||||||||
(in thousands of pesos except income per share, ADS and percentages) |
09-30-16 | 06-30-16 | 09-30-15 | 06-30-16 | 09-30-15 | |||||||||||||||
Net Financial Income |
2,836,361 | 3,342,802 | 2,326,603 | -15.2 | % | 21.9 | % | |||||||||||||
Provision for loan losses |
(226,335 | ) | (336,129 | ) | (115,201 | ) | -32.7 | % | 96.5 | % | ||||||||||
Net income from services |
1,300,901 | 1,014,393 | 953,272 | 28.2 | % | 36.5 | % | |||||||||||||
Administrative expenses |
(2,373,439 | ) | (2,211,679 | ) | (1,645,376 | ) | 7.3 | % | 44.2 | % | ||||||||||
Operating income |
1,537,488 | 1,809,387 | 1,519,298 | -15.0 | % | 1.2 | % | |||||||||||||
Income (Loss) from equity investments |
20,132 | 102,183 | 69,341 | -80.3 | % | -71.0 | % | |||||||||||||
Income (Loss) from Minority interest |
(24,753 | ) | (34,113 | ) | (30,439 | ) | -27.4 | % | -18.7 | % | ||||||||||
Other Income/Expenses |
(4,163 | ) | (27,480 | ) | (10,472 | ) | -84.9 | % | -60.2 | % | ||||||||||
Income tax and Minimum Presumed Tax |
(595,779 | ) | (886,719 | ) | (549,658 | ) | -32.8 | % | 8.4 | % | ||||||||||
Net income for the period |
932,925 | 963,258 | 998,070 | -3.1 | % | -6.5 | % | |||||||||||||
Net income per share (2) |
1.74 | 1.79 | 1.86 | -3.1 | % | -6.5 | % | |||||||||||||
Net income per ADS (3) |
5.21 | 5.38 | 5.58 | -3.1 | % | -6.5 | % |
(1) | Exchange rate: AR$ 15.2633 Ps = 1 USD |
(2) | Assumes 536,877,850 ordinary shares |
(3) | Each ADS represents three ordinary shares |
- 4 -
Main figures | Quarter ended | D% quarter ended 09-30-16 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
09-30-16 | 06-30-16 | 09-30-15 | 06-30-16 | 09-30-15 | |||||||||||||||
Return on Average Assets (1) |
2.8 | % | 3.1 | % | 4.4 | % | -8.9 | % | -36.0 | % | ||||||||||
Return on Average Shareholders Equity (1) |
24.2 | % | 25.8 | % | 33.2 | % | -6.3 | % | -27.0 | % | ||||||||||
Net interest assets |
13.4 | % | 16.5 | % | 14.6 | % | -18.7 | % | -7.9 | % | ||||||||||
Net fee Income as a % of Operating Income |
31.4 | % | 23.3 | % | 29.1 | % | 35.1 | % | 8.2 | % | ||||||||||
Net fee Income as a % of Administrative Expenses |
54.8 | % | 45.9 | % | 57.9 | % | 19.5 | % | -5.4 | % | ||||||||||
Adm. Expenses as a % of Recurrent Income (2) |
57.4 | % | 50.8 | % | 50.2 | % | 13.0 | % | 14.4 | % |
(1) | Annualized. |
(2) | Adm.Expenses / (Net financial income + Net income from services) |
(3) | Net interest Margin: Financial Income-Financial Expenses / Average Interest-Earning Assets |
Quarter ended | ||||||||||||||||||||||||
Interest-Earning Assets & Interest-Bearing Liabilities | 09-30-16 | 06-30-16 | 09-30-15 | |||||||||||||||||||||
(Averege in thouhand of AR$, except %) |
Capital | Rate | Capital | Rate | Capital | Rate | ||||||||||||||||||
Interest-Earning Assets |
84,570,686 | 24.2 | % | 80,845,501 | 28.6 | % | 63,832,362 | 24.3 | % | |||||||||||||||
Public Bonds |
15,277,974 | 24.8 | % | 17,196,567 | 38.5 | % | 14,213,154 | 26.2 | % | |||||||||||||||
Loans |
69,292,712 | 24.1 | % | 63,648,934 | 26.0 | % | 49,619,208 | 23.8 | % | |||||||||||||||
Public Sector |
79,681 | 53.6 | % | 71,240 | 55.4 | % | 56,770 | 28.5 | % | |||||||||||||||
Private Sector |
66,295,711 | 24.5 | % | 60,846,516 | 26.5 | % | 47,699,329 | 24.0 | % | |||||||||||||||
Other interest-earning assets |
2,917,320 | 23.1 | % | 2,731,178 | 24.8 | % | 1,863,109 | 27.9 | % | |||||||||||||||
Interest-Bearing Liabilities |
66,302,940 | 13.0 | % | 60,442,821 | 15.6 | % | 43,299,157 | 13.2 | % | |||||||||||||||
Saving Accounts |
26,789,613 | 0.1 | % | 22,581,015 | 0.2 | % | 15,599,263 | 0.2 | % | |||||||||||||||
Time Deposits |
36,635,896 | 22.0 | % | 35,212,103 | 25.0 | % | 25,061,073 | 20.9 | % | |||||||||||||||
Debt Securities |
1,663,467 | 29.2 | % | 1,430,120 | 34.3 | % | 1,567,050 | 24.6 | % | |||||||||||||||
Other interest-bearing liabilities |
1,213,964 | 14.1 | % | 1,219,583 | 20.0 | % | 1,071,771 | 15.7 | % |
Net Financial Income |
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Net financial income | Quarter ended | D% quarter ended 09-30-16 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
09-30-16 | 06-30-16 | 09-30-15 | 06-30-16 | 09-30-15 | |||||||||||||||
Financial Income |
5,472,394 | 6,159,658 | 4,160,006 | -11.2 | % | 31.5 | % | |||||||||||||
Income from financial intermediation |
4,130,077 | 4,086,635 | 2,983,379 | 1.1 | % | 38.4 | % | |||||||||||||
CER adjustment |
168,496 | 148,734 | 50,113 | 13.3 | % | 236.2 | % | |||||||||||||
Income from securities and short term investments |
805,340 | 1,516,966 | 895,994 | -46.9 | % | -10.1 | % | |||||||||||||
Foreign exchange difference |
240,758 | 333,214 | 122,243 | -27.7 | % | 97.0 | % | |||||||||||||
Others |
127,723 | 74,109 | 108,277 | 72.3 | % | 18.0 | % | |||||||||||||
Financial Expenses |
-2,636,033 | -2,816,856 | -1,833,403 | -6.4 | % | 43.8 | % | |||||||||||||
Net Financial Income |
2,836,361 | 3,342,802 | 2,326,603 | -15.2 | % | 21.9 | % |
- 5 -
Income from securities and short-term investments | Quarter ended | D% quarter ended 09-30-16 vs quarter ended |
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(in thousands of pesos except percentages) |
09-30-16 | 06-30-16 | 09-30-15 | 06-30-16 | 09-30-15 | |||||||||||||||
Income from securities and short-term investments |
794,614 | 1,507,146 | 891,912 | -47.3 | % | -10.9 | % | |||||||||||||
Income Interest Margin |
871,502 | 1,073,706 | 749,156 | -18.8 | % | 16.3 | % | |||||||||||||
Holdings booked at fair value |
91,519 | 173,834 | 82,755 | -47.4 | % | 10.6 | % | |||||||||||||
Bills and Notes from the Central Bank |
779,982 | 899,872 | 666,401 | -13.3 | % | 17.0 | % | |||||||||||||
Income Financial Operations |
-105,021 | 406,697 | 134,035 | -125.8 | % | -178.4 | % | |||||||||||||
Holdings booked at fair value |
(104,859 | ) | 307,933 | 125,961 | -134.1 | % | -183.2 | % | ||||||||||||
Bills and Notes from the Central Bank |
(162 | ) | 98,764 | 8,074 | -100.2 | % | -102.0 | % | ||||||||||||
Other fixed income securities |
28,133 | 26,743 | 8,721 | 5.2 | % | 222.6 | % | |||||||||||||
CER adjustment |
168,496 | 148,734 | 50,112 | 13.3 | % | 236.2 | % |
Net income from services | Quarter ended | D% quarter ended 09-30-16 vs quarter ended |
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(in thousands of pesos except percentages) |
09-30-16 | 06-30-16 | 09-30-15 | 06-30-16 | 09-30-15 | |||||||||||||||
Net income from services |
1,300,901 | 1,014,393 | 953,272 | 28.2 | % | 36.5 | % | |||||||||||||
Service charge income |
2,234,079 | 1,838,242 | 1,400,268 | 21.5 | % | 59.5 | % | |||||||||||||
Service charges on deposits accounts |
392,719 | 316,011 | 313,209 | 24.3 | % | 25.4 | % | |||||||||||||
Credit cards and operations |
1,089,346 | 863,112 | 522,140 | 26.2 | % | 108.6 | % | |||||||||||||
Insurance |
162,817 | 152,951 | 143,734 | 6.5 | % | 13.3 | % | |||||||||||||
Capital markets and securities activities |
25,547 | 15,091 | 6,900 | 69.3 | % | 270.2 | % | |||||||||||||
Fees related to foreign trade |
64,812 | 59,085 | 42,867 | 9.7 | % | 51.2 | % | |||||||||||||
Safety deposit box |
65,730 | 52,497 | 51,066 | 25.2 | % | 28.7 | % | |||||||||||||
Services of collection |
35,549 | 32,785 | 28,633 | 8.4 | % | 24.2 | % | |||||||||||||
Generated by subsidiaries |
83,774 | 77,478 | 77,766 | 8.1 | % | 7.7 | % | |||||||||||||
Other fees |
313,785 | 269,231 | 213,953 | 16.5 | % | 46.7 | % | |||||||||||||
Services Charge expense |
(933,178 | ) | (823,849 | ) | (446,997 | ) | 13.3 | % | 108.8 | % |
- 6 -
Administrative expenses | Quarter ended | D% quarter ended 09-30-16 vs quarter ended |
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(in thousands of pesos except percentages) |
09-30-16 | 06-30-16 | 09-30-15 | 06-30-16 | 09-30-15 | |||||||||||||||
Administrative expenses |
(2,373,439 | ) | (2,211,679 | ) | (1,645,376 | ) | 7.3 | % | 44.2 | % | ||||||||||
Personnel expenses |
(1,335,778 | ) | (1,304,321 | ) | (910,558 | ) | 2.4 | % | 46.7 | % | ||||||||||
Electricity and Communications |
(59,459 | ) | (45,586 | ) | (31,828 | ) | 30.4 | % | 86.8 | % | ||||||||||
Advertising and Promotion |
(102,929 | ) | (100,810 | ) | (63,749 | ) | 2.1 | % | 61.5 | % | ||||||||||
Fees and external administrative services |
(45,089 | ) | (33,306 | ) | (28,244 | ) | 35.4 | % | 59.6 | % | ||||||||||
Taxes |
(237,145 | ) | (211,650 | ) | (172,458 | ) | 12.0 | % | 37.5 | % | ||||||||||
Organization and development expenses |
(19,448 | ) | (19,486 | ) | (17,214 | ) | -0.2 | % | 13.0 | % | ||||||||||
Amortizations |
(62,980 | ) | (55,658 | ) | (47,969 | ) | 13.2 | % | 31.3 | % | ||||||||||
Rents |
(93,700 | ) | (95,365 | ) | (70,312 | ) | -1.7 | % | 33.3 | % | ||||||||||
Expenses of maintainance, conservation and repairs |
(85,485 | ) | (60,417 | ) | (68,707 | ) | 41.5 | % | 24.4 | % | ||||||||||
Security Service |
(68,533 | ) | (56,649 | ) | (53,276 | ) | 21.0 | % | 28.6 | % | ||||||||||
Carriage of valuable |
(118,129 | ) | (85,672 | ) | (61,839 | ) | 37.9 | % | 91.0 | % | ||||||||||
Other |
(144,764 | ) | (142,759 | ) | (119,222 | ) | 1.4 | % | 21.4 | % |
- 7 -
Balance and activity
Public and Private Sector Exposure | Quarter ended | D% quarter ended 09-30-16 vs quarter ended |
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(in thousands of pesos except percentages) |
09-30-16 | 06-30-16 | 09-30-15 | 06-30-16 | 09-30-15 | |||||||||||||||
Public Sector - National Government |
3,385,701 | 4,363,302 | 2,647,343 | -22.4 | % | 27.9 | % | |||||||||||||
Public Sector Loans |
93,336 | 83,654 | 63,597 | 11.6 | % | 46.8 | % | |||||||||||||
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Total bond portfolio |
3,292,580 | 4,279,865 | 2,583,946 | -23.1 | % | 27.4 | % | |||||||||||||
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Holdings book at fair value |
3,291,490 | 4,241,363 | 2,583,782 | -22.4 | % | 27.4 | % | |||||||||||||
Holdings book at amortized cost |
1,090 | 38,502 | 164 | -97.2 | % | n/a | ||||||||||||||
Allowances |
(215 | ) | (217 | ) | (200 | ) | -0.9 | % | 7.5 | % | ||||||||||
Bills and Notes from Central Bank |
9,437,491 | 11,557,767 | 11,076,052 | -18.3 | % | -14.8 | % | |||||||||||||
Total exposure to the Public |
12,823,192 | 15,921,069 | 13,723,395 | -19.5 | % | -6.6 | % | |||||||||||||
Private Debt |
391,349 | 268,938 | 176,127 | 45.5 | % | 122.2 | % | |||||||||||||
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Total exposure to the Public and Private Sector |
13,214,541 | 16,190,007 | 13,899,522 | -18.4 | % | -4.9 | % | |||||||||||||
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Portfolio Received for Repo Transaccions |
304,706 | 5,376,422 | 1,903,863 | -94.3 | % | n/a | ||||||||||||||
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Public Bonds |
| | | n/a | n/a | |||||||||||||||
BCRA Instruments |
304,706 | 5,376,422 | 1,903,863 | -94.3 | % | n/a |
- 8 -
Net loans | Quarter ended | D% quarter ended 09-30-16 vs quarter ended |
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(in thousands of pesos except percentages) |
09-30-16 | 06-30-16 | 09-30-15 | 06-30-16 | 09-30-15 | |||||||||||||||
Private & Financial sector loans in $ |
60,724,382 | 57,421,059 | 47,030,383 | 5.8 | % | 29.1 | % | |||||||||||||
Advances |
10,783,767 | 10,090,439 | 7,775,396 | 6.9 | % | 38.7 | % | |||||||||||||
Discounted and purchased notes |
9,267,218 | 7,924,229 | 6,971,427 | 16.9 | % | 32.9 | % | |||||||||||||
Consumer Mortgages |
1,866,569 | 1,992,813 | 1,806,419 | -6.3 | % | 3.3 | % | |||||||||||||
Car secured loans |
5,087,540 | 4,563,281 | 4,127,086 | 11.5 | % | 23.3 | % | |||||||||||||
Personal loans |
8,172,953 | 7,582,330 | 6,805,408 | 7.8 | % | 20.1 | % | |||||||||||||
Credit cards |
18,675,353 | 18,307,405 | 13,977,683 | 2.0 | % | 33.6 | % | |||||||||||||
Loans to financial sector |
1,697,297 | 1,749,174 | 1,246,637 | -3.0 | % | 36.2 | % | |||||||||||||
Other loans |
5,605,681 | 5,450,379 | 4,560,819 | 2.8 | % | 22.9 | % | |||||||||||||
Unaccrued interest |
(299,131 | ) | (207,673 | ) | (161,426 | ) | 44.0 | % | 85.3 | % | ||||||||||
Adjustment and accrued interest & exchange differences receivable |
1,270,412 | 1,293,985 | 908,499 | -1.8 | % | 39.8 | % | |||||||||||||
Less: Allowance for loan losses |
(1,403,277 | ) | (1,325,303 | ) | (987,565 | ) | 5.9 | % | 42.1 | % | ||||||||||
Private & Financial sector loans in FX |
10,378,884 | 8,425,260 | 2,887,695 | 23.2 | % | 259.4 | % | |||||||||||||
Advances |
6,137 | 7,981 | 37,722 | -23.1 | % | -83.7 | % | |||||||||||||
Discounted and purchased notes |
1,206,288 | 672,635 | 736,573 | 79.3 | % | 63.8 | % | |||||||||||||
Credit cards |
1,023,339 | 1,113,350 | 694,723 | -8.1 | % | 47.3 | % | |||||||||||||
Loans to financial sector |
151,183 | 73 | 37 | n/a | n/a | |||||||||||||||
Other loans |
8,098,739 | 6,719,772 | 1,449,965 | 20.5 | % | 458.5 | % | |||||||||||||
Unaccrued interest |
| (42 | ) | | -100.0 | % | n/a | |||||||||||||
Less: Allowance for loan losses |
(106,802 | ) | (88,509 | ) | (31,325 | ) | 20.7 | % | 240.9 | % | ||||||||||
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Total Private Loans |
71,103,266 | 65,846,319 | 49,918,078 | 8.0 | % | 42.4 | % | |||||||||||||
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Loans to public sector in $ |
93,336 | 83,654 | 63,597 | 11.6 | % | 46.8 | % | |||||||||||||
Loans to public sector |
8,895 | 8,772 | 8,822 | 1.4 | % | 0.8 | % | |||||||||||||
Adjustment and accrued interest & exchange differences receivable |
84,441 | 74,882 | 54,775 | 12.8 | % | 54.2 | % | |||||||||||||
Loans to non-financial public sector in foreign currency |
| 17 | | -100.0 | % | n/a | ||||||||||||||
Loans to public sector |
| 17 | | -100.0 | % | n/a | ||||||||||||||
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Total loans to public sector |
10,378,884 | 8,425,277 | 2,887,695 | 23.2 | % | 259.4 | % | |||||||||||||
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Net Total Loans |
71,196,602 | 74,271,596 | 52,805,773 | -4.1 | % | 34.8 | % | |||||||||||||
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- 9 -
Asset quality ratios | Quarter ended | D% quarter ended 09-30-16 vs quarter ended |
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(in thousands of pesos except percentages) |
09-30-16 | 06-30-16 | 09-30-15 | 06-30-16 | 09-30-15 | |||||||||||||||
Non-performing loans (1) |
600,139 | 570,472 | 377,806 | 5.2 | % | 58.8 | % | |||||||||||||
Allowance for loan losses |
(1,510,079 | ) | (1,413,812 | ) | (1,018,890 | ) | 6.8 | % | 48.2 | % | ||||||||||
Non-performing loans/net total loans |
0.83 | % | 0.85 | % | 0.74 | % | -2.6 | % | 11.4 | % | ||||||||||
Non-performing private loans/net private loans |
0.83 | % | 0.85 | % | 0.74 | % | -2.6 | % | 11.4 | % | ||||||||||
Allowance for loan losses/non-performing loans |
251.62 | % | 247.83 | % | 269.69 | % | 1.5 | % | -6.7 | % | ||||||||||
Allowance for loan losses/net total loans |
2.08 | % | 2.10 | % | 2.00 | % | -1.1 | % | 4.0 | % |
(1) | Non-performing loans include: all loans to borrowers classified as Problem, Deficient Servicing, High Insolvency Risk, Difficult Recovery, Irrecoverable and Irrecoverable for Technical Decision according to the new Central Bank debtor classification system. |
Evolution of provisions | Quarter ended | D% quarter ended 09-30-16 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
09-30-16 | 06-30-16 | 09-30-15 | 06-30-16 | 09-30-15 | |||||||||||||||
Balance at the beginning of the quarter |
1,421,720 | 1,188,758 | 1,013,407 | 19.6 | % | 40.3 | % | |||||||||||||
Increase / decrease |
226,335 | 336,129 | 115,201 | -32.7 | % | 96.5 | % | |||||||||||||
Provision increase / decrease - Exchange rate difference |
2,374 | 2,363 | 1,138 | 0.5 | % | -108.6 | % | |||||||||||||
Aplications / Reversals |
(131,586 | ) | (105,530 | ) | (104,949 | ) | 24.7 | % | 25.4 | % | ||||||||||
Balance at the end of the quarter |
1,518,843 | 1,421,720 | 1,024,797 | 6.8 | % | 48.2 | % |
Total deposits | Quarter ended | D% quarter ended 09-30-16 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
09-30-16 | 06-30-16 | 09-30-15 | 06-30-16 | 09-30-15 | |||||||||||||||
Deposits $ denominated |
70,139,742 | 73,740,949 | 56,442,365 | -4.9 | % | 24.3 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Current accounts |
19,132,845 | 22,753,131 | 17,262,101 | -15.9 | % | 10.8 | % | |||||||||||||
Saving accounts |
17,365,933 | 17,453,110 | 13,256,478 | -0.5 | % | 31.0 | % | |||||||||||||
Time deposits |
31,865,941 | 31,944,736 | 24,666,686 | -0.2 | % | 29.2 | % | |||||||||||||
Peso denominated |
31,863,676 | 31,943,528 | 24,666,063 | -0.2 | % | 29.2 | % | |||||||||||||
CER adjusted time deposits |
2,265 | 1,208 | 623 | 87.5 | % | 263.6 | % | |||||||||||||
Investment Accounts |
85,091 | 85,591 | 88,774 | n/a | -4.1 | % | ||||||||||||||
Other |
1,689,932 | 1,504,381 | 1,168,326 | 12.3 | % | 44.6 | % | |||||||||||||
Deposits FX denominated |
21,765,448 | 19,086,318 | 6,774,089 | 14.0 | % | 221.3 | % | |||||||||||||
Current accounts |
848,591 | 1,578,285 | 441,526 | -46.2 | % | 92.2 | % | |||||||||||||
Saving accounts |
14,956,855 | 12,146,478 | 4,046,361 | 23.1 | % | 269.6 | % | |||||||||||||
Time deposits |
5,200,667 | 4,962,250 | 2,095,682 | 4.8 | % | 148.2 | % | |||||||||||||
Other |
759,335 | 399,305 | 190,520 | 90.2 | % | 298.6 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total deposits |
91,905,190 | 92,827,267 | 63,216,454 | -1.0 | % | 45.4 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
- 10 -
Other funding sources | Quarter ended | D% quarter ended 09-30-16 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
09-30-16 | 06-30-16 | 09-30-15 | 06-30-16 | 09-30-15 | |||||||||||||||
Lines from other banks |
1,875,463 | 1,076,653 | 1,165,292 | 74.2 | % | 60.9 | % | |||||||||||||
Senior Bonds |
2,093,095 | 1,583,253 | 1,707,212 | 32.2 | % | 22.6 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total other funding sources |
3,968,558 | 2,659,906 | 2,872,504 | 49.2 | % | 38.2 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
Capitalization | Quarter ended | D% quarter ended 09-30-16 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
09-30-16 | 06-30-16 | 09-30-15 | 06-30-16 | 09-30-15 | |||||||||||||||
Capital Stock |
536,878 | 536,878 | 536,878 | 0.0 | % | 0.0 | % | |||||||||||||
Issuance premiums |
182,511 | 182,511 | 182,511 | 0.0 | % | 0.0 | % | |||||||||||||
Adjustments to stockholders equity |
312,979 | 312,979 | 312,979 | 0.0 | % | 0.0 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Subtotal |
1,032,368 | 1,032,368 | 1,032,368 | 0.0 | % | 0.0 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Reserves on Profits |
11,783,995 | 11,783,995 | 8,899,508 | 0.0 | % | 32.4 | % | |||||||||||||
Unappropriated retained earnings |
3,061,267 | 2,128,342 | 2,596,226 | 43.8 | % | 17.9 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total stockholders´equity |
15,877,630 | 14,944,705 | 12,528,102 | 6.2 | % | 26.7 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
- 11 -
Central Bank Requirements | Quarter ended |
D% quarter ended 09-30-16 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
09-30-16 | 06-30-16 | 09-30-15 | 06-30-16 | 09-30-15 | |||||||||||||||
Central Bank Minimum Capital Requirements |
9,406,443 | 8,408,006 | 6,258,341 | 11.9 | % | 50.3 | % | |||||||||||||
Central Bank Minimum Capital Requirements (a, b) |
9,225,447 | 8,231,916 | 6,202,914 | 12.1 | % | 48.7 | % | |||||||||||||
Increase in capital requirements related to custody |
180,996 | 176,090 | 55,427 | 2.8 | % | 226.5 | % | |||||||||||||
a) Central Bank Minimum Capital Requirements |
9,225,447 | 8,231,916 | 6,202,914 | 12.1 | % | 48.7 | % | |||||||||||||
Allocated to Asset at Risk |
7,017,244 | 6,066,448 | 4,469,057 | 15.7 | % | 57.0 | % | |||||||||||||
DCR (derivative conterparter risk) |
| | 13,971 | -100.0 | % | |||||||||||||||
Market Risk |
211,525 | 297,602 | 218,381 | -28.9 | % | -3.1 | % | |||||||||||||
Operational Risk |
1,996,678 | 1,867,866 | 1,501,505 | 6.9 | % | 33.0 | % | |||||||||||||
b) Minimum capital required for the Guarantee Fund for the Sustainability of the Pas-as-you-go System maneged by the Argentine Republic and registrar of mortgage notes |
723,985 | 704,360 | 400,000 | 2.8 | % | 81.0 | % | |||||||||||||
5% of the securities in custody and book-entry notes |
723,985 | 704,360 | 400,000 | 2.8 | % | 81.0 | % | |||||||||||||
Bank Capital Calculated under Central Bank Rules |
16,694,008 | 15,669,000 | 12,559,878 | 6.5 | % | 32.9 | % | |||||||||||||
Ordinary Capital Level 1 |
16,056,616 | 15,086,805 | 12,102,146 | 6.4 | % | 32.7 | % | |||||||||||||
Dedusctions Ordinary Capital Level 1 |
(360,327 | ) | (337,279 | ) | (220,219 | ) | 6.8 | % | 63.6 | % | ||||||||||
Capital Level 2 |
997,719 | 919,474 | 677,951 | 8.5 | % | 47.2 | % | |||||||||||||
Excess over Required Capital |
7,287,565 | 7,260,994 | 6,301,537 | 0.4 | % | 15.6 | % | |||||||||||||
Capital Ratio (Central Bank rules) |
14.8 | % | 15.6 | % | 16.2 | % | -4.9 | % | -8.6 | % | ||||||||||
Excess over Required Capital as a % of Shareholders´Equity |
45.9 | % | 48.6 | % | 66.2 | % | -5.5 | % | -30.7 | % | ||||||||||
Risk weighted assets |
112,763,265 | 100,690,295 | 77,536,420 | 12.0 | % | 45.4 | % |
Quarter ended |
D% quarter ended 09-30-16 vs quarter ended |
|||||||||||||||||||
(in thousands of pesos except percentages) |
09-30-16 | 06-30-16 | 09-30-15 | 06-30-16 | 09-30-15 | |||||||||||||||
Exchange rate |
15.26 | 14.92 | 9.42 | 2.3 | % | 62.0 | % | |||||||||||||
Quarterly CER adjustment |
7.4 | % | 9.5 | % | 3.5 | % | -22.8 | % | 111.4 | % |
This press release contains or may contain certain forward-looking statements within the meaning of the United States Securities Litigation Reform Act of 1995, including, among other things, concerning the prospects of the Argentine economy, BBVA Francés earnings, business plans, cost-reduction plans, and capitalization plan, and trends affecting BBVA Francés financial condition or results of operations. Any forward-looking statements included in this press release are based on current expectations and estimates, but actual results and events may differ materially from anticipated future results and events. Certain factors which could cause the actual results and events to differ materially from the expected results or events include: (1) changes in domestic or international stock market prices, exchange rates or interest rates; (2) macroeconomic, regulatory, political or governmental changes; (3) changes in the markets for BBVA Francés products and services; (4) increased competition; (5) changes in technology; or (6) changes in the financial condition, creditworthiness or solvency of the customers, debtors or counterparties of BBVA Francés. Additional factors that could cause the actual results or events to differ materially from the expected results or events are described in the reports filed by BBVA Francés with the United States Securities and Exchange Commission (SEC), including, but not limited to, BBVA Francés annual report on Form 20-F and exhibits thereto. BBVA Francés does not undertake to revise or update any of the information contained herein under any circumstances, including if at any moment following dissemination of such information it is no longer accurate or complete.
- 12 -
- 13 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)
BALANCE SHEET (in thousands of pesos)
09-30-16 | 06-30-16 | 03-31-16 | 09-30-15 | |||||||||||||
Cash and due from banks |
30,296,084 | 26,524,315 | 23,414,132 | 13,937,749 | ||||||||||||
Government and Private Securities |
13,128,861 | 21,279,564 | 17,448,966 | 15,652,920 | ||||||||||||
Holdings booked at fair value |
3,291,490 | 4,241,363 | 4,015,178 | 2,583,782 | ||||||||||||
Holdings booked at amortized cost |
| | | | ||||||||||||
Reverse repo |
1,090 | 38,502 | 164 | 164 | ||||||||||||
Listed Private Securities |
94,299 | 65,726 | 130,884 | 89,259 | ||||||||||||
Bills and Notes from the Central Bank |
9,742,197 | 16,934,190 | 13,302,958 | 12,979,915 | ||||||||||||
Less: Allowances |
(215 | ) | (217 | ) | (218 | ) | (200 | ) | ||||||||
Loans |
71,196,602 | 65,929,973 | 59,209,420 | 49,981,675 | ||||||||||||
Loans to the private & financial sector |
71,103,266 | 65,846,319 | 59,134,567 | 49,918,078 | ||||||||||||
Advances |
10,789,904 | 10,098,420 | 8,195,034 | 7,813,118 | ||||||||||||
Discounted and purchased notes |
10,473,506 | 8,596,864 | 8,979,534 | 7,708,000 | ||||||||||||
Secured with mortgages |
1,866,569 | 1,992,813 | 1,988,051 | 1,806,419 | ||||||||||||
Car secured loans |
5,087,540 | 4,563,281 | 4,493,535 | 4,127,086 | ||||||||||||
Personal loans |
8,172,953 | 7,582,330 | 7,428,791 | 6,805,408 | ||||||||||||
Credit cards |
19,698,692 | 19,420,755 | 18,176,278 | 14,672,406 | ||||||||||||
Loans to financial sector |
1,848,480 | 1,749,247 | 1,367,594 | 1,246,674 | ||||||||||||
Other loans |
13,704,420 | 12,170,151 | 8,658,592 | 6,010,784 | ||||||||||||
Less: Unaccrued interest |
(299,131 | ) | (207,715 | ) | (212,823 | ) | (161,426 | ) | ||||||||
Plus: Interest & FX differences receivable |
1,270,412 | 1,293,985 | 1,241,172 | 908,499 | ||||||||||||
Less: Allowance for loan losses |
(1,510,079 | ) | (1,413,812 | ) | (1,181,191 | ) | (1,018,890 | ) | ||||||||
Public Sector loans |
93,336 | 83,654 | 74,853 | 63,597 | ||||||||||||
Principal |
8,895 | 8,772 | 8,734 | 8,822 | ||||||||||||
Plus: Interest & FX differences receivable |
84,441 | 74,882 | 66,119 | 54,775 | ||||||||||||
Other banking receivables |
7,890,155 | 9,659,883 | 6,753,374 | 5,559,493 | ||||||||||||
Repurchase agreements |
305,269 | 5,084,968 | 982,677 | 1,910,161 | ||||||||||||
Unlisted private securities |
297,050 | 203,212 | 212,856 | 86,868 | ||||||||||||
Other banking receivables |
7,296,600 | 4,379,611 | 5,565,408 | 3,568,371 | ||||||||||||
Less: provisions |
(8,764 | ) | (7,908 | ) | (7,567 | ) | (5,907 | ) | ||||||||
Investments in other companies |
499,226 | 473,517 | 426,278 | 336,070 | ||||||||||||
Intangible assets |
286,330 | 272,423 | 259,976 | 211,624 | ||||||||||||
Organization and development charges |
282,764 | 272,423 | 259,976 | 211,624 | ||||||||||||
Other assets |
7,592,656 | 7,405,309 | 7,762,404 | 6,453,052 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Assets |
130,889,914 | 131,544,984 | 115,274,550 | 92,132,583 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Deposits |
91,905,190 | 92,827,267 | 80,101,415 | 63,216,454 | ||||||||||||
Current accounts |
19,981,436 | 24,331,416 | 19,361,280 | 17,703,627 | ||||||||||||
Saving accounts |
32,322,788 | 29,599,588 | 25,737,565 | 17,302,839 | ||||||||||||
Time deposits |
37,066,608 | 36,906,986 | 33,155,157 | 26,762,368 | ||||||||||||
Investment Accounts |
85,091 | 85,591 | 5,586 | 88,774 | ||||||||||||
Rescheduled deposits CEDROS |
2,224 | 2,224 | 2,234 | 2,234 | ||||||||||||
Other deposits |
2,447,043 | 1,901,462 | 1,839,593 | 1,356,612 | ||||||||||||
Other banking Liabilities |
17,131,159 | 17,439,924 | 15,015,019 | 11,618,140 | ||||||||||||
Other provisions |
1,169,099 | 1,113,625 | 1,021,902 | 961,630 | ||||||||||||
Other contingencies |
1,168,415 | 1,112,968 | 1,021,206 | 960,988 | ||||||||||||
Guarantees |
684 | 657 | 696 | 642 | ||||||||||||
Other liabilities |
4,423,620 | 4,908,410 | 3,888,356 | 3,513,683 | ||||||||||||
Minority interest |
383,216 | 311,053 | 366,411 | 294,574 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Liabilities |
115,012,284 | 116,600,279 | 100,393,103 | 79,604,481 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Stockholders equity |
15,877,630 | 14,944,705 | 14,881,447 | 12,528,102 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities + stockholders equity |
130,889,914 | 131,544,984 | 115,274,550 | 92,132,583 | ||||||||||||
|
|
|
|
|
|
|
|
- 14 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)
INCOME STATEMENT (in thousands of pesos)
09-30-16 | 06-30-16 | 03-31-16 | 09-30-15 | |||||||||||||
Financial income |
5,472,394 | 6,159,658 | 5,495,068 | 4,160,006 | ||||||||||||
Interest on Cash and Due from Banks |
| | | | ||||||||||||
Interest on Loans Granted to the Financial Sector |
125,081 | 136,181 | 112,598 | 76,198 | ||||||||||||
Interest on Overdraft |
954,753 | 927,369 | 691,193 | 614,867 | ||||||||||||
Interest on Discounted and purchased notes |
519,273 | 519,982 | 522,801 | 350,163 | ||||||||||||
Interest on Mortgages |
100,347 | 100,306 | 101,694 | 83,853 | ||||||||||||
Interest on Car Secured Loans |
277,860 | 276,984 | 270,463 | 238,125 | ||||||||||||
Interest on Credit Card Loans |
982,507 | 1,005,398 | 984,737 | 679,705 | ||||||||||||
Interest on Financial Leases |
109,609 | 114,964 | 116,114 | 103,447 | ||||||||||||
Interest on Other Loans |
1,060,249 | 1,005,356 | 919,114 | 836,913 | ||||||||||||
From Other Banking receivables |
398 | 95 | 152 | 108 | ||||||||||||
Interest on Government Guaranteed Loans Decree 1387/01 |
10,728 | 9,820 | 9,072 | 4,082 | ||||||||||||
Income from Securities and Short Term Investments |
794,612 | 1,507,146 | 980,137 | 891,912 | ||||||||||||
CER |
168,496 | 148,734 | 161,520 | 50,113 | ||||||||||||
Foreign exchange difference |
240,758 | 333,214 | 369,257 | 122,243 | ||||||||||||
Other |
127,723 | 74,109 | 256,216 | 108,277 | ||||||||||||
Financial expenses |
(2,636,033 | ) | (2,816,856 | ) | (2,515,025 | ) | (1,833,403 | ) | ||||||||
Interest on Current Account Deposits |
| | | | ||||||||||||
Interest on Saving Account Deposits |
(8,710 | ) | (9,019 | ) | (7,957 | ) | (5,987 | ) | ||||||||
Interest on Time Deposits |
(2,031,231 | ) | (2,195,456 | ) | (1,842,388 | ) | (1,321,401 | ) | ||||||||
Interest on Other Banking Liabilities |
(193,998 | ) | (191,555 | ) | (181,920 | ) | (149,052 | ) | ||||||||
Other interests (includes Central Bank) |
(881 | ) | (1,128 | ) | (1,234 | ) | (1,469 | ) | ||||||||
CER |
(86 | ) | (105 | ) | (127 | ) | (19 | ) | ||||||||
Bank Deposit Guarantee Insurance system mandatory contributions |
(37,514 | ) | (34,600 | ) | (128,161 | ) | (102,137 | ) | ||||||||
Mandatory contributions and taxes on interest income |
(340,249 | ) | (338,278 | ) | (327,833 | ) | (231,747 | ) | ||||||||
Other |
(23,364 | ) | (46,715 | ) | (25,405 | ) | (21,591 | ) | ||||||||
Net financial income |
2,836,361 | 3,342,802 | 2,980,043 | 2,326,603 | ||||||||||||
Provision for loan losses |
(226,335 | ) | (336,129 | ) | (161,351 | ) | (115,201 | ) | ||||||||
Income from services, net of other operating expenses |
1,300,901 | 1,014,393 | 931,083 | 953,272 | ||||||||||||
Administrative expenses |
(2,373,439 | ) | (2,211,679 | ) | (2,095,807 | ) | (1,645,376 | ) | ||||||||
Income (loss) from equity investments |
20,132 | 102,183 | 44,802 | 69,341 | ||||||||||||
Net Other income |
(4,163 | ) | (27,480 | ) | 56,471 | (10,472 | ) | |||||||||
Income (loss) from minority interest |
(24,753 | ) | (34,113 | ) | (39,994 | ) | (30,439 | ) | ||||||||
Income before tax |
1,528,704 | 1,849,977 | 1,715,247 | 1,547,728 | ||||||||||||
Income tax |
(595,779 | ) | (886,719 | ) | (550,163 | ) | (549,658 | ) | ||||||||
Net income |
932,925 | 963,258 | 1,165,084 | 998,070 |
- 15 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar consolidated on a line by line basis)
09-30-16 | 06-30-16 | 03-31-16 | 09-30-15 | |||||||||||||
Cash and due from banks |
30,296,084 | 26,524,319 | 23,414,261 | 13,937,826 | ||||||||||||
Government Securities |
13,166,151 | 21,319,864 | 17,489,778 | 15,658,390 | ||||||||||||
Loans |
71,196,602 | 65,929,973 | 59,209,420 | 49,981,675 | ||||||||||||
Other Banking Receivables |
7,891,047 | 9,660,033 | 6,753,374 | 5,559,493 | ||||||||||||
Assets Subject to Financial Leasing |
2,110,038 | 2,247,058 | 2,346,370 | 2,339,833 | ||||||||||||
Investments in other companies |
493,463 | 465,736 | 416,473 | 331,131 | ||||||||||||
Other assets |
5,779,511 | 5,442,251 | 5,689,131 | 4,368,786 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Assets |
130,932,896 | 131,589,234 | 115,318,807 | 92,177,134 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Deposits |
91,904,217 | 92,827,261 | 80,101,011 | 63,214,992 | ||||||||||||
Other banking liabilities |
17,135,935 | 17,440,527 | 15,015,019 | 11,618,166 | ||||||||||||
Minority interest |
388,147 | 317,712 | 374,801 | 298,800 | ||||||||||||
Other liabilities |
5,626,967 | 6,059,029 | 4,946,529 | 4,517,074 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Liabilities |
115,055,266 | 116,644,529 | 100,437,360 | 79,649,032 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Stockholders´Equity |
15,877,630 | 14,944,705 | 14,881,447 | 12,528,102 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Stockholders´Equity + Liabilities |
130,932,896 | 131,589,234 | 115,318,807 | 92,177,134 |
Net Income
09-30-16 | 06-30-16 | 03-31-16 | 09-30-15 | |||||||||||||
Net Financial Income |
2,838,936 | 3,347,768 | 2,983,692 | 2,328,398 | ||||||||||||
Provision for loan losses |
(226,335 | ) | (336,129 | ) | (161,351 | ) | (115,201 | ) | ||||||||
Net Income from Services |
1,300,901 | 1,014,393 | 931,083 | 953,272 | ||||||||||||
Administrative expenses |
(2,379,655 | ) | (2,220,410 | ) | (2,101,298 | ) | (1,646,213 | ) | ||||||||
Net Other Income |
18,012 | 77,506 | 101,996 | 58,164 | ||||||||||||
Income Before Tax |
1,551,859 | 1,883,128 | 1,754,122 | 1,578,420 | ||||||||||||
Income Tax |
(595,909 | ) | (886,809 | ) | (550,303 | ) | (549,809 | ) | ||||||||
Net income |
955,950 | 996,319 | 1,203,819 | 1,028,611 | ||||||||||||
Minoritary Interest |
(23,025 | ) | (33,061 | ) | (38,735 | ) | (30,541 | ) | ||||||||
Net income for Quarter |
932,925 | 963,258 | 1,165,084 | 998,070 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BBVA Banco Francés S.A. | ||||||||
Date: November 10, 2016 | By: | /s/ Ignacio Sanz y Arcelus | ||||||
Name: | Ignacio Sanz y Arcelus | |||||||
Title: | Chief Financial Officer |